Have a plan and stick to it

A trader can’t derive good amount of profit from the market until he or she has a flourished trading strategy. And traders have to struggle for developing a good trading strategy.

A trading plan gives you a direction to achieve your goals. It includes pointers like stop loss, T/P profits, time-frame, and other things that traders should consider while executing a trade. A well-constructed plan also prevents you from getting distracted.

There are so many e-books containing the basics of Forex trading and a pile of video tutorials available on Youtube.

Creating a trading plan is simple, but acting upon it isn't. So, make sure you hold on to your emotions and follow the plan properly to avoid risks.

A trader needs to develop himself until the end of his trading career. He should fight for bringing consistency in trading because consistency is compared to a brick.

A proper trading plan assists in maintaining discipline and will also help you to move in the right direction. Without a trading plan it will be difficult to strategize your trades. Of course, a trading plan does not guarantee success, but sticking to it will help you sustain in the market.

There are many social media groups and websites that are ceaselessly selling signals and majority of them are fraud.

A trading plan lays out all the criteria that must be met before any trading decision is made. So, it is important to have a trading plan.

A good trading plan includes risk-reward ratio, money management, risk management, and so on. Aspiring traders should develop and strictly adhere to a trading plan. It will ensure a profitable trading career with no unneeded losses.

A forex trading plan is only effective if it's followed properly.

Educate yourself the way you feel comfortable. There are several e-books available online by reading which traders can enhance their trading knowledge.

Making a plan is easy but sticking to it with full dedication and discipline is quite difficult. In order to sustain itself in the forex market it's very important to follow your routine and plan.

idimitrov posted:
unfortunately not many traders have a journal

Which sucks, Journaling and tracking your progress as a trader helps you a lot because it shows you exactly what you're doing wrong or where you need to improve. Personally when I test something out and it doesn't work I write it in my journal.

What do you do in your trading plan?

Risk management policyis the weapon of trading. Alongside so, try to trade with micro accounts with low leverage and spread on pairs.

GeorgeBischof posted:
Yes, you are right. i always try to do that. One plan, one strategy. Though it doesnt work all the time, it helps to earn money most of the time.

I used to do that, Now the best option is yes stick to one plan, one strategy. But try to swap things out that doesn't work and if the plan and strategy isn't giving you the results you desire. Then you get a new plan and strategy you stick too and improve on. It is one plan, one strategy, but you also improve on that plan and strategy so it becomes full proof.

What other things do you do to prepare yourself for trading so you can get the most profit?

Many traders find it difficult to stick to a plan and make things work due to stress and low morale. They don’t have the confidence needed to make the right moves. So practising on a demo account can build that confidence and make them understand the market in a better perspective.

binarysumo22 posted:
Many traders find it difficult to stick to a plan and make things work due to stress and low morale. They don’t have the confidence needed to make the right moves. So practising on a demo account can build that confidence and make them understand the market in a better perspective.

Indeed, following a trading plan is one of the most integral parts of trading. When you stick to your plan, it gets easier to find out the loopholes you’ve been missing out on and you can easily track your progress. I know trading often gets tedious at times but if you let emotions play, you’ll pay the price!

Sticking to a plan can be difficult for beginners but with time and patience, learning through loss, they can build an understanding of market psychology and try to earn more profit.